Luis Ceballos

Assistant Professor of Finance

• PhD, Penn State University, Finance
  
• MS, University of California - Berkeley, Finance
  
• BBA, University of Chile

Luis Ceballos is an assistant professor of finance at the Knauss School of Business. Prior to attending his doctoral studies, he worked as a senior economist at the Central Bank of Chile and previously worked in the financial supervision division of the Chilean Pension Supervisor.

His research interest is in empirical asset pricing with a focus on fixed income markets. His work has been centered on two areas related to investments and international finance. The first area explores new risk factors and the price pressure of institutional investors in domestic bond markets. The second area focuses on monetary policy spillovers to international bond markets. Currently, he is working on several projects related to the pricing of the green bond premium on international bond markets and the pricing of political and geopolitical uncertainty on corporate bond markets. His work has been published in the Journal of Financial Economics, Journal of Fixed Income and Applied Economics, among others.

He has taught undergraduate courses in economics and finance as an adjunct lecturer in several universities in Chile. During his PhD, he taught the course FIN406 Security Analysis and Portfolio Management (an upper-level undergraduate core course for finance majors) and served as a teaching assistant in several courses at the undergraduate and MBA levels in fixed income markets and investments.

He holds a BBA and a master’s in finance from the University of Chile, a master’s in financial engineering from the University of California, Berkeley and a PhD in finance from Penn State University.

Areas of Expertise

Awards

Selected Publications

• Ceballos, L., Christensen, J., Romero, D. (2025) A Post-Pandemic New Normal for Interest Rates in Emerging Bond Markets? Evidence from Chile, Journal of International Money and Finance, 150, 103234.
• Ceballos, L., Christensen, J., Romero, D. (2024) Market-Based Estimates of the Natural Real Rate: Evidence from Latin American Bond Markets, Federal Reserve Bank of San Francisco, Working Paper Series, 2024(01), 01-29.
• Ceballos, L., Albagli, E., Claro, S., Romero, D. (2024) UIP Deviations: Insights from Event Studies, Journal of International Economics, 148(103877).
• Ceballos, L., Ng, O. (2024) Do investors care about inflation risk? Evidence from global bond portfolio allocation, Economics Letters, 243(111955).
• Ceballos, L., Piljak, V., Swinkels, L. (2024) Is Firm-level Political Risk Priced in the Corporate Bond Market?, Journal of Empirical Finance, 79, 101562.